They only produced for 2 months in the June quarter and were in start up with final commissioning not expected until August. They produced 3628 oz in the June quarter and plan to produce 22000-24000 over 12 months. In addition the price received was $A2555 oz gold. Current price is around $A2650.
So around 4500oz per quarter over the next 4 quarters at $1400 net per ounce is say $6 million per quarter.
Balance at June Q $1.5 million plus IPO $7 million plus $24 million earnings equals $32.5 million.
Pay down $19 million debt ($US 14 million at current exchange rate).
Plenty of room for spending on any capital and exploration.
The other working capital debt cannot be repaid until the $US debt is retired.
MKR Price at posting:
61.0¢ Sentiment: Buy Disclosure: Held
